Search

Indian-origin Rishi Sunak becomes UK’s new prime minister

06:52 PM | 24 Oct, 2022
Indian-origin Rishi Sunak becomes UK’s new prime minister
Source: Instagram

LONDON – Rishi Sunak has been confirmed as the next prime minister of Britain as other contender, Penny Mordaunt, was dropped out of the race for the post after she failed to secure the required votes to contest Conservative Party’s internal election.

Sunak, who is as Indian-origin, will be the first Hindu and the first person of color to become Britain’s premier. The 42-year-old is also the youngest person to take the office in more than 200 years of British history.

He is the third prime minister in seven months after Liz Truss and Boris Johnson who stepped down amid worsening economic situation in the country.

With assuming the charge, Sunak has to take up a challenging task of steering the economically floundering nation.

Sunak has managed to secure the support of 142 members of the parliament - far above the 100-mark required to win the top office.

"I want to fix our economy, unite our party and deliver for our country," the Indian-origin former chancellor had said in a short statement.

Sunak was first elected as an MP in 2015 and during his tenure he supported the Brexit in 2016 referendum.

He served as a junior minister in Theresa May’s government before getting a major role during the Boris Johnson tenure when he first appointed him as the Chief Secretary to the Treasury in 2019, and as the Chancellor in 2020.

Sunak shot to fame after he rolled out a support plan for people during the early weeks of coronavirus pandemic lockdown.

Advertisement

Rupee below 290 against US dollar in interbank market

KARACHI – The Pakistani rupee on Tuesday continued its ascent, trading at less than Rs290 against the US dollar in the morning interbank market, primarily due to stringent measures in the financial sector.

The US dollar was valued at Rs289.78 around 9:48 am, as reported by the Forex Association of Pakistan, marking a decrease of Rs1.18 from the previous day’s closing rate of Rs290.86.

This ongoing rise in the value of the rupee follows the crackdown on illegal dollar trading initiated earlier this month, with strong support from the military.

In the open market, the rupee also made gains against the dollar, trading at Rs292 compared to the previous day’s rate of Rs293, according to the Exchange Companies Association of Pakistan.

Saad Bin Naseer, the director of the financial services platform Mettis Global, noted that this marked the 16th consecutive day of appreciation for the PKR, amounting to nearly a 6% increase.

Naseer attributed this surge primarily to administrative measures, stating that it seems the government’s crackdown on speculative elements contributing to rupee depreciation is having an effect.

He also suggested that if this trend persists and the Afghan border remains closed, the rupee could continue to appreciate in the future. However, he emphasized the importance of attracting foreign direct investment (FDI) into export-oriented sectors for long-term stability.

Gold Rate in Pakistan Today – September 26, 2023

Today Gold Rate in Pakistan

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 210,100 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs180,130.

Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 26 September 2023

City Gold Silver
Lahore PKR 210,100 PKR 2,587
Karachi PKR 210,100 PKR 2,587
Islamabad PKR 210,100 PKR 2,587
Peshawar PKR 210,100 PKR 2,587
Quetta PKR 210,100 PKR 2,587
Sialkot PKR 210,100 PKR 2,587
Attock PKR 210,100 PKR 2,587
Gujranwala PKR 210,100 PKR 2,587
Jehlum PKR 210,100 PKR 2,587
Multan PKR 210,100 PKR 2,587
Bahawalpur PKR 210,100 PKR 2,587
Gujrat PKR 210,100 PKR 2,587
Nawabshah PKR 210,100 PKR 2,587
Chakwal PKR 210,100 PKR 2,587
Hyderabad PKR 210,100 PKR 2,587
Nowshehra PKR 210,100 PKR 2,587
Sargodha PKR 210,100 PKR 2,587
Faisalabad PKR 210,100 PKR 2,587
Mirpur PKR 210,100 PKR 2,587

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter